Mortgage Lending in Pittsboro, NC
The Sherry Riano Team
At The Sherry Riano Team, we believe in choosing your lender before looking for a home. But finding the right mortgage lender in Pittsboro, NC often means figuring out what type of mortgage you want to pursue first.
Many mortgage lenders specialize in specific loan types, and we believe the loan process should be the easiest part of buying a home. That is why we offer a wide range of mortgage types, and also aren’t afraid to refer you to another lender if they can offer you a better loan for your needs.
With our team, we believe you can get everything the online lenders promise from us locally, including:
-Conventional home mortgages
-Rural Development (RD) mortgages
-First Time Homebuyers mortgages
-Balloon and Adjustable Rate mortgages
But knowing which of these loans is right for you takes just a little bit of consideration. We believe that what you qualify for, and what you are comfortable with are two different things, and we always want to make sure that you choose the loan that makes you feel the most confident.
Do you have good credit and at least 5% down to pay towards your dream home now? Mortgage lenders in Pittsboro will tell you that a conventional loan is the best choice for you, and we agree. We offer competitive interest rates and loan terms ranging from 10 to 30 years.
Are you a veteran ready to settle down? A VA mortgage is a great option for you. Special interest rates and zero down payments make it easier for you to close the deal.
Do you want to buy a home in a rural area? You may be surprised what mortgage lenders in Pittsboro classify as rural!
USDA Rural Housing Loans, are another option for 100% financing for your loan. These loans are offered only in certain designated areas for homes in the country. All of Pittsboro is USDA eligible.
FHA mortgages are insured by the federal government. There are no income restrictions with this program and gift funds came be used for down payment. With the FHA product there is a required 3.5% down payment for the transaction. This product typically has more lenient credit requirements.
First Time Homebuyers Mortgages
This type of mortgage is very similar to an FHA mortgage, but is only available to someone who has not owned a home in the past three years. Credit scores and down payments can be lower, but interest rates will typically be higher. Some first-time homeowners choose FHA loans over specific first-time homebuyer loans due to a more forgiving credit score requirement.
We believe you can still get a loan from us even if you’ve been turned down by other mortgage lenders in Pittsboro. However, these loans typically have higher interest rates to compensate for the lower down payment requirements.
Balloon and Adjustable Rate Mortgages
Are you buying a fixer-upper, or are you interested in having a bit of a break with a lower mortgage payment for the first year or two of home owning?
An adjustable rate mortgage, also called a balloon mortgage, starts with a smaller interest rate, so that your payments are very low for the first few years. However, the rate is adjusted after that, and can sometimes get very high.
This type of loan works best for families that have specific financial goals in mind for the immediate future, and understand the risks that may come in the future when they can’t predict the rate adjustments.
Find Out How The Sherry Riano Team Can Help
At The Sherry Riano Team, we believe that you are not just a transaction. To find out more about our mortgage lending in Pittsboro, NC,
apply online or call us at 919-234- 7415.